VW to complete purchase of Scania

VW to complete purchase of Scania

May 14th, 2014by Associated Press in Local - Breaking News

CEO of Volkswagen AG, Martin Winterkorn, front arrives with the chairman of the Supervisory Board, Ferdinand Piech, , back right, at the annual general meeting of the car manufacturer in Hannover, northern Germany in this file photo.

VW said Tuesday that enough shareholders have accepted its 6.7 billion euro ($9.2 billion) offer to raise the company's stake in Scania to 90.47 percent.

That's enough to let VW buy out the rest of the shareholders and delist Scania -known as a squeeze-out. Volkswagen already held 62 percent majority stake in Scania and 89 percent of the voting rights.

VW CEO Martin Winterkorn said the deal will let the company move ahead with further integrating Scania with truck-maker MAN and Volkswagen's own commercial vehicle business. Volkswagen took control of MAN last year.